Goldman Sachs Group Inc. Increases Stock Position in Palladyne AI Corp. $PDYN

Key Points

• Goldman Sachs Group Inc. increased its stock position in Palladyne AI Corp. by 507.2% in the first quarter, acquiring a total of 115,407 shares worth approximately $679,000.
• Recent analyst reports rated Palladyne AI shares with a "Moderate Buy" consensus and a price target of $11.50, although Jefferies Financial Group assigned a "hold" rating with a target of $8.00.
• Insider trading activity included Kristi Martindale and CTO Denis Garagic selling shares at an average price of $7.42, resulting in a decrease in their ownership of the stock.

Goldman Sachs Group Inc. increased its position in Palladyne AI Corp. (NASDAQ:PDYN - Free Report) by 507.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 115,407 shares of the company's stock after purchasing an additional 96,402 shares during the quarter. Goldman Sachs Group Inc. owned 0.33% of Palladyne AI worth $679,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Millennium Management LLC purchased a new position in shares of Palladyne AI in the fourth quarter valued at $134,000. EntryPoint Capital LLC acquired a new stake in Palladyne AI in the first quarter valued at $673,000. Northern Trust Corp raised its holdings in Palladyne AI by 54.6% in the fourth quarter. Northern Trust Corp now owns 31,804 shares of the company's stock valued at $390,000 after acquiring an additional 11,226 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in Palladyne AI in the first quarter valued at $35,000. Finally, SBI Securities Co. Ltd. raised its holdings in Palladyne AI by 47.7% in the first quarter. SBI Securities Co. Ltd. now owns 32,803 shares of the company's stock valued at $193,000 after acquiring an additional 10,599 shares in the last quarter. 26.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PDYN has been the topic of several recent analyst reports. Jefferies Financial Group initiated coverage on shares of Palladyne AI in a report on Thursday, September 11th. They issued a "hold" rating and a $8.00 price target on the stock. Wall Street Zen cut shares of Palladyne AI from a "hold" rating to a "sell" rating in a report on Saturday, September 13th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.50.

Insiders Place Their Bets

In other Palladyne AI news, insider Kristi Martindale sold 6,406 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $7.42, for a total transaction of $47,532.52. Following the sale, the insider directly owned 312,236 shares of the company's stock, valued at approximately $2,316,791.12. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Denis Garagic sold 14,809 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $7.42, for a total transaction of $109,882.78. Following the sale, the chief technology officer directly owned 584,859 shares in the company, valued at $4,339,653.78. This trade represents a 2.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,963 shares of company stock worth $200,065 over the last three months. 13.40% of the stock is owned by corporate insiders.

Palladyne AI Stock Performance

Shares of NASDAQ:PDYN opened at $9.20 on Thursday. The stock has a market capitalization of $385.94 million, a price-to-earnings ratio of -4.92 and a beta of 3.75. Palladyne AI Corp. has a 1-year low of $1.68 and a 1-year high of $14.95. The company's fifty day moving average is $8.19 and its two-hundred day moving average is $7.56.

Palladyne AI Company Profile

Palladyne AI Corp., a software company, focuses on delivering software that enhances the utility and functionality of third-party stationary and mobile robotic systems in the United States. Its Artificial Intelligence (AI)/ Machine Learning (ML) software platform enables robots to observe, learn, reason, and act in structured and unstructured environments.

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